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I’m getting frustrated by the number of errors in the BPP exam kit. Should I switch over to Kaplan? Here’s two questions I just came across on the same topic:
Which of the following statements concerning retiring partners is correct?
Ans: Retiring partners are liable only for existing partnership debts when they leave, unless third parties are notified that they have retired
Explanation: Retiring partners are liable for existing partnership debts, and those incurred after their retirement, unless third parties are notified of their retirement. This is because as far as third parties are aware, a partner is a partner until they are told they are no longer so.Which of the following statements regarding Limited Liability Partnerships is correct?
Ans: The Partnership dissolves when a partner leaves.
Explanation: An LLP must have two designated partners responsible for the publicity requirements of the partnership. A written partnership agreement is not required to form the partnership. The partnership does not dissolve when a partner leaves and is not exempt from audit.This is extremely dangerous. I wonder how many other questions must be wrong. My question is, should I keep using BPP or should I switch over to Kaplan?
Irhan, I cannot see anything wrong with either of those statements 🙁
Tell me, please, where you believe the mistake to lie
In the first question: Retired partners are still liable for any partnerships debts incurred after their retirement if they do not notify third parties of the retirement of that partner. Yet in the answer it says the correct statement is “Retiring partners are liable only for existing partnership debts when they leave, unless third parties are notified that they have retired”. Isn’t this wrong as it is only after the notice the retired partner are no longer liable for the debts incurred after their retirement?
In the second question: It says the partnership dissolves when a partner leaves in a Limited Liability Partnership. However, I would think this is wrong as it is only in the case of a limited liability partnership that the partnership survives even after a partner leaves.
I mean it literally says the correct answers in the explanation yet they chose the incorrect one to be the correct answer. I can only assume that the question was meant to say “which of the following statements is NOT CORRECT”
Sorry, have I gotten something here wrong? I might be missing some small detail and making myself look like an idiot unintentionally.
But the explanation states that …’Explanation: Retiring partners are liable for existing partnership debts, and those incurred after their retirement, unless third parties are notified of their retirement’
Are you 100% certain that you have copied the question and answer correctly
Again, for the second question, I’ll ask ‘Are you 100% certain that you have copied the question and answer correctly?’
As you say, the explanations seem to contradict the answer (and it was the explanations that took my focus when I read your original post!) and that’s why I’m asking for you to reaffirm the correctness of your replication
As for the propensity of BPP to get matters wrong, I don’t think that any other approved provider is any better
Fortunately, at OpenTuition, we are able to move a lot faster when it comes to the correction of inadvertent errors. For BPP and similar, error correction is a big issue and, in practical terms, is unrealistic to expect it to happen
OK?
Yes, I’m certain I copied it down correctly. And yes the explanations are correct but the answers are not. I emailed them, hopefully they add it to their errata page.
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